Business

Hana Financial Group nurtures young entrepreneurs for job creation

Hana Financial Group has launched the 4th Hana Social Venture University program to enrich youth entrepreneurship and foster sustainable job creation, the company said Monday. Hana and Kwangwoon University signed a memorandum of understanding on Friday at the university’s campus in Seoul. The program seeks to nurture young entrepreneurs, providing hands-on business education, training and resources. Chief among the beneficiaries will be residents in remote areas with little access to infrastructure or training opportunities compared to Seoul and surrounding metropolitan areas. “We hope the program would provide practical experiences for young entrepreneurs, a foundation for sustainable regional economic growth,” said Hana Financial Group Chairman Ham Young-joo. This year’s program will be jointly sponsored by the Ministry of Employment and Labor, with the number of participating universities standing at 30. A total of 3,550 young entrepreneurs have participated in the program. Some 326 startups launched their businesses, with combined sales exceeding 20 billion won ($14 million) as

JobKorea launches mobile app customized for foreign jobseekers

JobKorea said Monday it has launched a dedicated mobile app for its KLiK job search platform, customized for foreign nationals living in Korea. This is the first time a major online recruiting platform in Korea has introduced an app specifically designed to connect foreign residents with local job opportunities. According to JobKorea, the new app aims to provide more than 2.5 million foreign residents in Korea with more accessible and personalized employment options. Since its launch last July, KLiK has accumulated more than 112,000 job listings. The app eliminates the need for a web browser and offers full access to KLiK’s features, including job searches, keyword recommendations and a community lounge. Through a session persistence function, the app removes the hassle of repeated logins, while app notifications provide real-time updates on job postings and application status. One of the app’s key features is artificial intelligence-powered job recommendations. It analyzes a user’s visa status, work experience and interests to deliver personalized listings directly to the front pag

Maintenance for US naval ships

POSCO mulls investing in Hyundai Steel's US plant project: sources

POSCO, Korea's leading steelmaker, is considering investing in smaller local rival Hyundai Steel's steel mill project in the United States as part of efforts to ride out U.S. President Donald Trump's sweeping tariffs, industry sources said Monday. Last month, Hyundai Steel announced it will invest $5.8 billion to build an electric arc furnace-based integrated steel mill in Louisiana by 2029, with an aim to start production in the same year. The announcement came after Trump imposed 25 percent tariffs on steel and aluminum imports in mid-March. "POSCO is considering a stake investment in the Hyundai Steel project," an industry source familiar with the matter told Yonhap News Agency. Earlier this month, POSCO said it was giving "serious consideration" to investment plans for "upstream steel processes" in the U.S. Asked about its possible investment in Hyundai Steel's project, POSCO said it is considering a variety of options, but no decision has been made yet. Hyundai Steel said it will sell corporate bonds and take loans from financial institutions to fund half of its planned investment in

Korean biz lobbies donate $1.05 mil. public foundation for forced labor compensation

Two Korean business lobbies have each donated 1.5 billion won ($1.05 million) to the public foundation responsible for compensating Korean victims of Japan's wartime forced labor, people familiar with the matter said Monday. The Korea Chamber of Commerce and Industry and the Federation of Korean Industries made the donations earlier this month to the Japanese Forced Mobilization Victims Support Foundation under the Ministry of the Interior and Safety, people with knowledge of the matter said. The foundation was created in 2014 under the government of former President Park Geun-hye to handle the payments and delayed interest in accordance with Korea's Supreme Court rulings that found Japanese companies were responsible for the compensation. Many Koreans were taken to toil in Japanese mines and factories during World War II, when Korea was under Japan's 1910-45 colonial rule. While Japanese firms refused to comply with the rulings, the Yoon Suk Yeol government announced a decision in March 2023 that it will compensate the victims on its own and without contributions from Japan, a move that

Celltrion gets interchangeability approval for biosimilar of Humira in US

Celltrion, a major Korean biopharmaceutical firm, said Monday it has obtained an interchangeability approval for its biosimilar drug for autoimmune disease treatment in the United States. The U.S. Food and Drug Administration (FDA) designated Celltrion's biosimilar Yuflyma as interchangeable medicine for its original drug Humira in the U.S., the company said in a press release. Interchangeability approval is a designation given to drugs that can be substituted for another drug at pharmacies without doctors' prescriptions. The global Humira market reached 12.59 trillion won ($8.99 billion) last year, with nearly 80 percent of the sales in the U.S. market, it said. Celltrion expects the interchangeability approval will help drive up its Yuflyma sales in the world's biggest pharmaceutical market. Celltrion has significantly expanded its global biosimilar lineup, increasing the number of approved products from six to 11. It aims to commercialize 22 biosimilar products by 2030, when the targeted global market size is expected to nearly double to 261 trillion won from 138 trillion won this year.

InterviewCelebrity author rediscovers 'Koreanness,' bets on economic value of kindness

Companies led by management that treats employees and consumers with kindness often see improved productivity and product quality, an important business principle that is frequently overlooked today, according to Korean American author of “Red Helicopter,” a bestselling memoir and self-help book in the United States. James Rhee, Johnson Chair of Entrepreneurship at Howard University, senior lecturer at MIT Sloan School of Management and a graduate of Harvard Law School, credits his business philosophy to his upbringing by immigrant parents who emphasized the importance of helping others. As he tours the U.S. and Korea promoting his book — which frequently mentions the Korean concept of "jeong," a deep sense of emotional attachment and affection — he admits the key feature of Koreanness has pulled him away from the world of private equity and instilled in him a new evangelical mission to spread the importance of kindness in business and all soul-searching human beings. Rhee defines kindness as investing in your own and others’ agency. When done right, he said kindness creates a

BMW surpasses Mercedes-Benz in sales for 1st time in decade

Mercedes-Benz Korea has yielded its top sales position to BMW Korea amid the falling popularity of its high-end S-Class sedans, data and industry officials said Sunday. According to data from the Financial Supervisory Service, BMW Korea reported 5.99 trillion won ($4.2 billion) in sales last year, outpacing Mercedes-Benz Korea's 5.68 trillion won by a slight margin for the first time since 2014. Mercedes-Benz's unseating is largely attributed to weakening sales of its S-Class luxury sedans. According to data from the Korea Automobile Importers & Distributors Association, S-Class sales — excluding the Maybach and AMG variants — fell to 4,678 vehicles in 2024, marking a drop of more than 50 percent from the previous year. This was in contrast to the strengthening sales of the BMW 7 Series, its counterpart with a sportier image than the S-Class. Sales of the 7 Series jumped some 22 percent to 4,259 vehicles during the same period. The S-Class available for sale here was launched in February 2021, while BMW introduced its new version of the 7 Series in November 2022. BMW Korea also outnum

Hyundai Motor Group looks to restart Russian business

Hyundai Motor Group is moving to restart its business in Russia amid growing signs of a possible truce with Ukraine, according to industry data and officials on Sunday. After Russia began its invasion of Ukraine in February 2022, the Korean carmaker suspended its Russian business in December 2023 after selling its St. Petersburg plant for approximately 140,000 won ($98). However, the deal also includes a buyback option that allows the company to repurchase it within two years of the initial sale. Since U.S. President Donald Trump took office in January, peace talks have been picking up steam, leaving the possibility open for Hyundai to exercise its option before the deadline. In response, Kia unveiled its renewed global sales strategy last week during its 2025 CEO Investor Day event. Under the strategy, the carmaker aims to widen its sales channel with a focus on not only North America, but also Europe and India. The company set its sales target for Europe, including Russia, at 770,000 vehicles by 2030, and for India at 400,000. “It remains unconfirmed whether and when we will be able

Samsung remains vigilant despite US tariff exemptions for smartphones

Samsung Electronics remains on alert amid the Donald Trump administration’s unpredictable trade policies, despite the United States granting tariff exemptions for smartphones, laptops, personal computers and semiconductor equipment. The U.S. Customs and Border Protection said Saturday (local time) that those devices will be excluded from the sweeping 10 percent baseline tariff on nearly all countries, as well as the retaliatory 125 percent duty on China. Following the updated guidance, Samsung has been considered one of the beneficiaries along with Apple and TSMC. Bloomberg described the measure as a “big win” for major tech firms. The optimistic outlook stems from Samsung’s heavy reliance on production in Vietnam, which is on the verge of facing a 46 percent “reciprocal tariff” from the U.S. if trade talks between Hanoi and Washington fail following the current 90-day pause. The Korean company produces nearly 50 percent of all Galaxy smartphones sold globally at its Vietnamese facilities. However, Samsung has maintained a cautious stance. “We’re continuing to monitor U.S.